Get the free Form 982 Rev February 2011 Reduction of Tax Attributes Due to Discharge of Indebtedn...

Form 982 (Rev. February 2011) Department of the Treasury Internal Revenue Service Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Attachment Sequence

How to fill out form 982 rev february

1. Start by obtaining a copy of Form 982 rev February from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
2. Gather all the necessary documentation and information needed to complete the form. This may include details about any cancelled debt, such as the creditor's name, the amount cancelled, and the date of cancellation.
3. Begin filling out the form by entering your personal information in the designated fields. This includes your name, address, and taxpayer identification number.
4. Move on to Part I of Form 982, where you will provide information related to the discharge of indebtedness. Here, you'll need to provide details about the cancelled debt, including the amount that was cancelled and the reason for the cancellation.
5. If you meet any of the specific cancellation of debt exclusions listed in Part II of Form 982, you'll need to complete the corresponding sections. These exclusions can include bankruptcy, insolvency, or qualified real property business indebtedness, among others. Fill in the relevant sections based on your individual circumstances.
6. If you're filing Form 982 due to the discharge of indebtedness related to your principal residence, you'll need to complete Part III. This section requires you to provide specific information about the acquisition or construction of the home, as well as any modifications or improvements made.
7. Double-check all the information you've entered on the form to ensure accuracy. Any errors or omissions could lead to delays or potential problems with your tax filing.
8. Once you've completed Form 982, sign and date it. Make a copy for your records before submitting it to the IRS along with your tax return or as directed by the specific instructions provided with the form.

Who needs form 982 rev February?

1. Individuals who have had debt cancelled or forgiven may need to file Form 982 rev February with their tax return.
2. This form is particularly relevant for individuals who have received a Form 1099-C, which reports cancelled debt to the IRS.
3. Form 982 allows taxpayers to exclude or reduce the amount of cancelled debt from their taxable income under certain circumstances.
4. Individuals who meet any of the cancellation of debt exclusions provided by the IRS must file this form to claim the appropriate exclusion.
5. Additionally, individuals who have had indebtedness discharged related to their principal residence may also need to file Form 982 to exclude this amount from their taxable income.

For pdfFiller’s FAQs

What is form 982 rev february?

Form 982 rev february is used to report the reduction or elimination of tax liabilities on discharged debts.

Who is required to file form 982 rev february?

Taxpayers who have had their debts forgiven or cancelled by a lender are required to file form 982 rev february.

How to fill out form 982 rev february?

Form 982 rev february should be filled out with accurate information regarding the discharged debts and any applicable exclusions or reductions.

What is the purpose of form 982 rev february?

The purpose of form 982 rev february is to inform the IRS about any forgiven or cancelled debts that may impact the taxpayer's tax liability.

What information must be reported on form 982 rev february?

Information about the discharged debts, any exclusions or reductions, and the taxpayer's overall financial situation must be reported on form 982 rev february.

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